Bitcoin [BTC] may be at the tail end of something, but does this warrant caution too
स्रोत: ग्लासनोड BTC‘s MVRV ratio also seemed to suggest that it has been regaining strength. Now, this is not necessarily a guarantee that the price is now on a recovery trajectory. In fact, some of Bitcoin’s metrics indicate that the bears are not yet done. For example, the number of addresses holding more than 1,000 BTCs has dropped significantly since the start of September. स्रोत: ग्लासनोड Addresses holding more than 1,000 BTCs have so far dropped to their lowest level in 4 weeks. Furthermore, BTC‘s new addresses metric highlighted that the number of new addresses have slowed down. These observations suggest that there are outflows and slowing growth. This further enhances the prevailing short-term bearish narrative for the world’s largest cryptocurrency. निष्कर्ष Although the long-term metrics indicate that BTC is at the tail end of its current range, the short-term metrics warrant caution. Many traders are bound to get too excited and this may lead to an increase in leveraged long positions. Such an outcome would also be ripe for an unexpected major sell-off which would lead to long liquidations, triggering more downside. The aforementioned scenario would pave the way for a long bearish wick setup before the next major rally. A potential option, although not a guarantee.